Presentation on theme: "We are rolling out NEW disclosure process that includes eSign on all document types!!! What it offers: Industry leading technology based solution Security."— Presentation transcript:
We are rolling out NEW disclosure process that includes eSign on all document types!!! What it offers: Industry leading technology based solution Security features to protect borrowers information Docs completed correct every time (less QC issues) e-Sign documents automatically transferred to PCL All re-disclosures done via e-sign- No waiting for signed GFE’s When: Week of October 16 th Roll out
What has not changed with the system!!! Loan Officer is still in control of the document process Process allows for options for getting the disclosures to your clients You can still do face to face applications (15 minute turn time on RUSH or Phone in requests )
1) The Application- Once enough information is imputed in PCL the application received date is populated in PCL- *Within 3 days we need to have the disclosure package sent to the borrower( all disclosures) The application data needs to be as complete as possible (since 1003 is being sent with disclosures) Fee’s need to be updated in PCL relevant to the loan- (GFE is still checking for correctness) HOW IT WORKS
2) RESPA Clock is Ticking It is more important than ever for the LO to COMPLETELY fill in 1003 in a timely manner LO will receive a reminder email on the 1 st and 2 nd day On 3 rd day at 11 am, LO will receive final warning email stating the file will automatically be disclosed at 3 pm Eastern Time At that time what ever is in PCL will be disclosed to your borrowers
3) Disclosing the Loan Once loan is complete, LO will email GFE@movementmortgage.com to produce all disclosures for the loan Including the 1003 GFE@movementmortgage.com Must be within 3 days of the application received date (including Saturdays) LO should indicate method of disclosure. The options will be: eSign, Secure Delivery Mail package (We will only send the RESPA)
The Choices for Disclosing: E-Sign Secure Delivery Mail Fulfillment (No email available )
eSign Must have an email address for ALL borrowers Must be completed on the 1 st or 2 nd day after application- (for compliance reasons ) A link will be sent to the borrower with instructions for completing Borrower has 24 hours to eSign If borrowers do not eSign within 24 hours, then disclosures will be resent via Secure e-Delivery and eSign will no longer be available after 24H. A link will be sent to LO for their signatures. Once borrowers and LO sign the docs will auto enter into PCL (within in an hour of completion)
eSign Screen Shots Secure E-signature Portal: First Screens when you click link
eSign Screen Shots Borrower first reviews all documents: They must scroll to the bottom to the disclosures to continue and hit next.
eSign Screen Shots Next borrower is prompted to esign:
eSign Screen Shots Documents that need Wet signatures are prompted to be printed:
Secure E-delivery Required: At least one borrower email address Documents are produced and a link will be emailed to borrower. LO and LOA is added as CC HUD and CHARM booklet are attached to email sent separately through PCL. Borrower will have access to the documents for 1 week to print.
Secure Delivery Screen Shot Email borrower received
Mail Documents are produced and emailed to LO and Fulfillment Fulfillment will print and mail only RESPA documents via USPS LO get a complete set of the disclosure signed
In person Loan Apps If possible complete loan application day before and e-mail firstname.lastname@example.org For preference, indicate secure delivery. If it is a walk-in or borrower would not give you information over phone, put RUSH in subject line or call GFE support line 877-202-0191. For a RUSH, the expected turnaround is 15 – 20 minutes. Docs will be sent via secure email to you and your borrowers
Conclusion As always, it is about setting borrower’s expectations. Tell borrower about the time to prepare disclosures for in person loan app If borrower chooses eSign or Secured delivery, tell them to allow email from “docs@ConformX.com” or check spam folder if they do not receive an email ] Let borrower know of 24 hour window for doing eSign
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